DUBAI : Emirates NBD plans to raise its share capital by up to 7.35 billion dirhams ($2 billion) through the issuance of new shares, as Dubai’s largest lender prepares to bid for Turkey’s Denizbank.
The bank said in January it had started initial strategic talks with Sberbank about a possible purchase of the Russian lender’s stake in Turkey’s Denizbank.
The share hike, announced on Sunday, was expected to ensure the lender’s common equity tier 1 ratio did not drop below the regulated 11 percent threshold with the acquisition, said Chiradeep Ghosh, banking analyst at SICO Bahrain.
Plans for the move helped send Emirates NBD’s stock surging 12.5 percent in early trading on Sunday.
Emirates NBD currently has 5.56 billion authorized shares, according to Thomson Reuters data. The bank said it planned to issue new shares with a nominal value of 1 dirhams for a subscription price per share at no less than 10 percent discount to the prevailing market price.
It is the latest Gulf bank seeking to raise its capital in recent weeks. National Commercial Bank, Saudi Arabia’s largest lender, and Dubai Islamic Bank have both announced similar moves.
Emirates NBD’s capital increase will be discussed at a general meeting of shareholders on March 27.
The bank said is was also seeking shareholder approval for a $12.5 billion medium term note program, a $1 billion structured note program and a 1.5 billion Australian dollars debt issuance program.
Emirates NBD plans share capital hike ahead of possible acquisition
Emirates NBD plans share capital hike ahead of possible acquisition
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
